Equity holdings (as of July 31, 2008*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		LEUCADIA NATL CP		LUK	NYSE	42.88	0.75	1.78%	677,847	13.59%
		MANTECH INTL		MANT	NasdaqGS	58.38	0.90	1.57%	110,467	7.15%
		LIBERTY GLOBAL INC C		LBTYK	NasdaqGS	31.50	0.73	2.37%	623,464	4.58%
		RITCHIE BROS AUCTION		RBA	NYSE	27.54	0.67	2.49%	160,672	3.87%
		SINGAPORE EXCHANGE		SGX SP	N/A	N/A	N/A	N/A%	N/A	3.37%
		CACI INTL INC		CAI	NYSE	49.88	-0.27	-0.54%	285,285	3.29%
		LIBERTY GLOBAL INC A		LBTYA	NasdaqGS	33.41	0.59	1.80%	1,839,245	3.17%
		NYSE EURONEXT		NYX	NYSE	39.89	0.52	1.32%	5,657,580	2.59%
		NASDAQ STOCK MKT		NDAQ	NasdaqGS	32.17	0.73	2.32%	2,950,996	2.54%
		DREAMWORKS ANIMATION		DWA	NYSE	31.81	0.39	1.24%	1,023,370	2.50%
		HONG KONG EXCHANGE		388 HK	N/A	N/A	N/A	N/A%	N/A	2.40%
		MASTERCARD INC		MA	NYSE	243.32	4.75	1.99%	1,864,884	2.23%
		MACROVISION SOLUTION		MVSN	NasdaqGS	15.30	-0.24	-1.54%	959,332	2.12%
		WASHINGTON POST CO		WPO	NYSE	608.03	-5.44	-0.89%	17,263	2.03%
		GPE BRUXELLES LAM		GBL BB	NYSE	47.23	0.46	0.98%	164,770	1.83%

 *The information contained on this page is updated at the discretion of Kinetics Asset
Management Inc. It is only representative of the Fund's portfolio on the date specified.
Additionally, position size may not be indicative of actual market position due to the
use of call and put options.

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